Canada-based Valeura Energy Expands Offshore Presence in Thailand

Canada-based Valeura Energy, an oil and gas company, has announced its acquisition of partial stakes from Thailand’s national oil and gas player, PTTEP, in two offshore blocks off the coast of Thailand. This farm-in agreement allows Valeura to secure a 40% interest in blocks G1/65 and G3/65, increasing its gross acreage position in Thailand significantly.

The two blocks are strategically located near existing oil and gas fields, with 15 discoveries supported by 27 wells that have encountered oil and gas pay. Valeura plans to expedite exploration and development activities on these blocks, with 3D seismic acquisition scheduled to begin soon.

Dr. Sean Guest, President and CEO of Valeura Energy, expressed excitement about the collaboration with PTTEP and the opportunities presented by the acquisition. The company aims to leverage PTTEP’s expertise in Thailand to drive natural gas and oil developments in the region.

Upon completion of the farm-in agreement, Valeura will hold a 40% working interest in the two blocks, with PTTEP retaining the remaining 60% and continuing to operate the assets. The companies have outlined a work program for 2025, including drilling exploration wells and acquiring new seismic data.

Valeura will cover 40% of the back costs associated with the project, including drilling expenses and production sharing contracts. The company is optimistic about the potential for gas and oil discoveries on the blocks and sees this partnership with PTTEP as a valuable opportunity for growth.

Focus Areas on Block G1/65

Block G1/65, covering 8,487 square kilometers, is positioned near Valeura’s existing oil fields and PTTEP’s large gas fields. The block contains eight oil and gas discoveries, with two key focus areas identified for initial exploration. These areas, including Jarmjuree South and Maratee-Bussaba, show promise for further development and drilling activities.

Exploration Opportunities on Block G3/65

Block G3/65, spanning 11,647 square kilometers, is adjacent to Valeura’s G11/48 block and PTTEP’s Bongkot gas field. The block features seven oil and gas discoveries, with a focus on Nong Yao North-East and Bussabong-Angun for exploration and appraisal drilling. Valeura is optimistic about the gas potential in the Bussabong area and plans to expedite development activities.

The acquisition of stakes in these offshore blocks marks a significant milestone for Valeura Energy as it expands its presence in Thailand’s oil and gas sector. The company is committed to driving value for its stakeholders through strategic partnerships and exploration activities in the region.